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When the Banks Failed: Lessons from the 1980s Texas Oil Bust

When the Banks Failed: Lessons from the 1980s Texas Oil Bust

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 This episode looks back at the historic Texas oil crash of the early 1980s, bringing with it a full-scale financial collapse that reshaped careers, communities, and an entire industry. In the midst of it all were Berry Spears, Charlie Beckham, and host Drew McManigle who were just starting out as young lawyers and operators in West Texas. Over four decades later, they recount firsthand stories of failing banks, collapsing rig counts, FDIC interventions, and the monumental changes that followed in bankruptcy and restructuring law. This conversation sets the stage for how survival, trust, and hard lessons in the 80s shaped the modern restructuring world. 🎧 Episode Highlights ●[00:54]: Berry Spears’ and Charles Beckham’s early careers in 1980s West Texas ●[07:40]: Life inside the oil service business as the downturn begins ●[12:48]: Failure of major West Texas banks and the role of the FDIC ●[17:16]: Public reaction to bank closures and the run on deposits ●[29:26]: How the crisis shaped bankruptcy and restructuring careers 🔑 Key Takeaways: ●The Texas oil crash of the early 1980s was not an isolated energy downturn but a systemic financial crisis that collapsed banks, wiped out businesses, and destabilized entire communities across West Texas. The failure of major institutions like the National Bank of Odessa and First National Bank of Midland, followed by widespread FDIC intervention, exposed how aggressive lending and unrealistic assumptions about oil prices amplified the fallout. ●The crisis became an unintended training ground for a new generation of professionals. With little precedent under the newly revised bankruptcy code, young lawyers and operators like Berry Spears and Charles Beckham were forced to learn restructuring, workouts, and creditor negotiations in real time, shaping the foundations of modern bankruptcy and restructuring practice. ●The experience permanently reshaped how participants approached risk, trust, and decision-making. Scarcity of capital, public bank runs, and survival-driven compromises instilled a practical, relationship-based mindset that continues to influence how they navigate complex restructurings and business challenges decades later. 👤 Guest Spotlight: Berry Spears Berry D. Spears is a partner at Keller Benvenutti Kim LLP with a nationally recognized bankruptcy and restructuring practice rooted in decades of hands-on experience. Over the course of his career, he has represented virtually every stakeholder in a financial crisis from debtors and creditors to boards, lenders, and committees, bringing pragmatic, creative solutions to complex restructurings across industries including energy, healthcare, financial services, and real estate. Charles Beckham Charles Beckham is a partner at Haynes Boone and a nationally respected restructuring and bankruptcy lawyer with deep roots in complex financial crises. He built his career during the West Texas oil collapse of the 1980s, representing banks, the FDIC, and other stakeholders through some of the region’s most consequential failures. Stay Connected: ●https://www.macco.group/ ●https://www.linkedin.com/in/drewmcmanigle/ ●https://www.linkedin.com/in/berryspears/ ●https://www.linkedin.com/in/charles-beckham-753b1a32/
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